Maestrobots Refunds Users After Attack
A group of cryptocurrency bots on the Telegram messenger app called Maestrobots is refunding users following a recent attack that resulted in the loss of 280 Ether (ETH). The Maestro team announced on X (formerly Twitter) that they have refunded the affected users, using their own revenue to cover the losses. In total, Maestrobots paid out 610 ETH, equivalent to over $1 million at the time of writing. The team ensured that every wallet that lost tokens in the exploit has received a full refund, with some users even receiving more than they initially lost.
Refund Process and Token Choice
Maestrobots chose to refund users in both affected tokens and ETH. For nine of the exploited tokens, they opted to buy back and refund tokens instead of sending ETH, as they believed it was the fairest way to provide a complete refund. This process cost them 276 ETH. However, for two tokens—Joe (JOE) and Lockheed Martin Inu (LMI)—Maestro refunded users in ETH due to a lack of liquidity to repurchase the lost tokens. They also increased the refund amount by 20% as a gesture of goodwill.
The Attack and Response
The attack on MaestroRouter occurred on October 24th, resulting in hackers siphoning around 280 ETH worth approximately $485,000 at the time. However, Maestro quickly identified and removed the exploit within 30 minutes. They temporarily halted trading on platforms such as SushiSwap, ShibaSwap, and ETH PancakeSwap while addressing the issue. It’s important to note that only the Router was compromised during this attack, and user wallets remained secure.
Impact on Users and Tokens
A total of 106 user addresses were affected by the breach, involving various tokens such as LMI, JOE, MOG, BANANA, OGGY, JIM, LP, BSC, and PROPHET. Maestro reported that most of these tokens experienced a pump in price due to the expectation that they would buy back the tokens. The tokens are still active and trading.
About MaestroBots
Maestrobots, also known as MaestroBots on X, is a Telegram bot system that facilitates trades across Ethereum, BNB Chain, and Arbitrum. It consists of three different bots: the Maestro Whale Bot, the Maestro Sniper Bot, and the Maestro Wallet Bot. With over 100,000 subscribers on their Telegram channel and more than 24,000 followers on X, Maestrobots is a popular platform for cryptocurrency trading.
Hot Take: Maestrobots Takes Responsibility and Prioritizes Users
The recent attack on Maestrobots resulted in significant losses for users. However, the team took swift action by refunding affected users using their own revenue. This demonstrates their commitment to customer satisfaction and their willingness to take responsibility for security breaches. By choosing to refund users in both tokens and ETH, Maestrobots aimed to provide a fair and complete resolution. While the attack caused disruption in the market, most of the affected tokens have recovered due to the anticipation of buybacks by Maestrobots. Overall, this incident highlights the importance of robust security measures in the crypto industry.
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